Indonesia to Achieve $9.41 Billion in Foreign Exchange Savings Through B50 Biodiesel Program
The implementation of the B50 biodiesel program is expected to help Indonesia lower its carbon dioxide emissions by about 44.46 million metric tons and help increase foreign exchange savings to 170 trillion Indonesian rupiah ($9.41 billion), according to a government statement on Thursday.The success of the program will help accelerate the country's transition to clean energy, President Prabowo Subianto said at the launch of a biodiesel-related program in Karawang Regency, West Java province, on Thursday."The government is also pushing for the development of new and renewable energy to fortify national energy security and improve Indonesia's competitiveness globally," he said.Indonesia is aiming to build a solar capacity of 100 gigawatts over the next two years, he added.At the same event, Energy and Mineral Resources Minister Bahlil Lahadalia said the use of palm oil-based biodiesel by the world's largest crude palm oil producer could help the country strengthen its energy independence, according to a separate statement issued by his ministry.The implementation of the mandatory B50 Biodiesel is expected to help increase foreign exchange savings to 170 trillion Indonesian rupiah from 133.3 trillion rupiah under B40.Meanwhile, the added value of the crude palm oil industry is expected to rise from 20.92 trillion rupiah to 23.49 trillion rupiah, the statement added.Biodiesel demand is forecast to reach 16.7 to 18 billion liters, while crude palm oil demand is seen at around 15.2 16.3 million tons, the statement added.